IRVINE, Calif., May 02, 2019 (GLOBE NEWSWIRE) -- TRI Pointe Homes launched in 2009 with the simple yet profound intention to ‘think, renew and inspire.' A decade later, TRI Pointe Homes has evolved into TRI Pointe Group, which has reached the significant 10-year milestone by producing impressive growth with its signature approach to homebuilding and the homebuying experience. In the fourth quarter of 2018, TRI Pointe Group eclipsed the $3 billion mark in annual home sales revenue for the first time by delivering a record 5,071 homes at an average sales price of $640,000.
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TRI to commemorate 10 years in business.">"With our tremendous growth, we are a dramatically different homebuilder today than we were 10 years ago, but the key thing that remains constant in our organization is our commitment to excellence," said TRI Pointe Group CEO Doug Bauer. "We continue to focus on building our brand in each of our markets. This type of reputation takes years to cultivate, and it starts by building quality homes with an emphasis on design and innovation while providing an excellent customer experience. We have differentiated our product at every segment of the market, which reinforces our status among homebuyers as a premium lifestyle builder."
Founded by Bauer, President and COO Tom Mitchell and CFO Mike Grubbs in Southern California, TRI Pointe focuses on creating exceptional experiences tailored to the customer's needs and desires, reimagining home design for a new generation of homebuyers, and growing a vibrant company with dedicated team members who are as passionate about advancing the cause of "home" as the founders are.
"Our five brand pillars are predicated on offering the best of big and small, serving the customer's needs and desires, embodying a true lifestyle brand, delivering a premium perception and always cultivating a passionate culture," Bauer said.
TRI Pointe Homes went public in 2013, just four years after being formed. A year later in 2014, the company completed a $2.8 billion merger with Weyerhaeuser Real Estate Company (WRECO) in one of the largest deals in homebuilding industry history, making it a top 10 U.S. public homebuilder by equity market capitalization.
Rebranded the following year, the new parent company, TRI Pointe Group, combines the large-scale resources and leadership of a national organization with the regional insights, community ties and agility of local homebuilders. TRI Pointe Group includes premium regional homebuilders Maracay® in Arizona, Pardee Homes® in California and Nevada, Quadrant Homes® in Washington, Trendmaker® Homes in Texas, TRI Pointe Homes® in California, Colorado and the Carolinas, and Winchester® Homes* in the Washington, D.C. area. This year, Quadrant and Winchester are celebrating their 60th and 40th anniversaries, respectively.
Following the merger with WRECO, TRI Pointe Group turned its attention to executing several key incremental income initiatives to capitalize on the company's expanded operations. In order to provide a seamless buying and closing process to homebuyers while enhancing the company's earnings growth, TRI Pointe Solutions was launched as a way to offer a comprehensive suite of homebuyer services, now including: TRI Pointe Connect®, the affiliated mortgage company for TRI Pointe Group that furnishes a full range of competitive home financing options; TRI Pointe Assurance®, which provides title insurance and escrow services for TRI Pointe Group; and TRI Pointe AdvantageTM Insurance Services, the affiliated property and casualty insurance services company for TRI Pointe Group.
Over the past decade, TRI Pointe Group has expanded its geographic reach (most recently with its greenfield expansion into the Carolinas and Sacramento, California and its acquisition of Dunhill Homes and Nathan Carlisle Homes in Dallas-Fort Worth, Texas) as well as its services portfolio and list of industry accolades. In 2014, it was named Developer of the Year by Builder and Developer magazine. The next year, the company was recognized as Builder of the Year by BUILDER magazine, and in 2017 Fortune magazine honored TRI Pointe Group as a 100 Fastest-Growing Company. In 2018, TRI Pointe Group and several of its builder brands continued its run of Best Places to Work awards.
TRI Pointe Group's 10-year strategic vision or "Next10 Strategy" will emphasize organic growth, acquisitions, and the launch of ancillary businesses. While continuing to grow as a customer- and employee-centric company, they have set aggressive goals for expansion in the next 10 years. TRI Pointe Group continues to pursue long-term strategic growth initiatives through a combination of market share gains within existing operations and expansion into new markets, all while striving for operational excellence in every facet of the business.
"We believe that by adhering to our core principles and brand pillars, we can double the size of our business over the next decade, creating significant value for our shareholders," said Bauer. "With the strength of our balance sheet, our differentiated premium brand focus and our seasoned leadership team, we have a strong formula for continued growth and success."
About TRI Pointe Group®
Headquartered in Irvine, California, TRI Pointe Group, Inc. TPH is a family of premium, regional homebuilders that designs, builds, and sells homes in major U.S. markets. As one of the top 10 largest public homebuilding companies by market capitalization in the United States, TRI Pointe Group combines the resources, operational sophistication, and leadership of a national organization with the regional insights, community ties, and agility of local homebuilders. The TRI Pointe Group family includes Maracay® in Arizona, Pardee Homes® in California and Nevada, Quadrant Homes® in Washington, Trendmaker® Homes in Texas, TRI Pointe Homes® in California, Colorado and North Carolina, and Winchester® Homes* in Maryland and Northern Virginia. TRI Pointe Group was recognized in Fortune magazine's 2017 100 Fastest-Growing Companies list, named 2015 Builder of the Year by Builder magazine, and 2014 Developer of the Year by Builder and Developer magazine. The company was also named one of the Best Places to Work in Orange County by the Orange County Business Journal in 2016, 2017, and 2018. For more information, please visit www.TriPointeGroup.com.
*Winchester is a registered trademark and is used with permission.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ac839672-3b1f-4a77-bb93-5bc718f1c332
Contact Katy Biggerstaff NewGround PR & Marketing 562.761.6338 / kbiggerstaff@newgroundco.com
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